San Diego home prices are up another 0.7% between May and June, growing just shy of 9% since this time last year, according to the S&P CoreLogic Case-Shiller Index.
How healthy is that? Local prices year-over-year are second in the nation only to the Big Apple in the index's 20 City Composite, with New York up a full 9% to San Diego's 8.9%
With San Diego home prices now hovering around $1 million, that's nearly a cool $90,000 return on homeowners' investments since 2023.
There is a major difference in the two markets, however, according to Brian D. Luke, the head of commodities, real and digital assets for S&P Dow Jones Indices
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"New York … has the largest divergence between low- and high-tier prices," Luke said, in part, in a news release issued Tuesday. "New York's high-tier homes have lagged the region's market by 5.1%. Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years. While the overall San Diego market has risen by 72% in the past five years, the high tiers have done even better, rising 79% versus 63% for the lower tier."
Money grows money, at least in America's Finest City.
San Diego and New York's gains stand out from the American average, which jumped 5.4% year-over-year. The index's 20 City Composite rose 6.5% since 2023, a 0.4% dip since the prior month.
Local
As ever, SoCal, at least in its biggest cities, is a solid place to park equity: Our neighbors to the north in Los Angeles nearly matched San Diego's numbers, with an addition in June of 0.6% month-to-month and 8.2% since June 2023. The Bay Area, at least San Francisco, was a bit of an outlier, nudging ahead just a 10th of a percent in June, and posting a gain of 4.3& since last June.
Let's see if you knew this one: The biggest return in the 20 City in June? That would be Motown, with Detroit up 1.1%, trailed by the Windy City, with Chi-town notching a full point growth month-to-month.
No city in the composite was in the red for June, according to Case-Shiller — or since last year at that time, for that matter.
The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily. Rates stayed above 7% before falling back under that level in July. The 30-year fixed is now right around 6.5%, according to CNBC:
